Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association has proposed several measures for the 2024-25 fiscal year to enhance their sector’s contribution to the garment industry. Key proposals include reducing the current 1% tax to 0.25% and fixing this rate for five years to provide stability for business planning.
They also seek equal treatment for tariff and non-tariff-bonded establishments, a three-year import availability period for accessories, and the removal of bank guarantee requirements for imported goods. Additionally, they propose exempting local purchases from the 15% VAT and banning the import of finished garment accessories and packaging products under bond to protect domestic production and maintain the competitiveness of Bangladesh’s export sector.
Comment here